Funds managed by Apollo have agreed to make a $175 million strategic investment in Summit Ridge Energy, an owner-operator of community solar assets.
Since its 2017 launch, Summit Ridge has formed two joint ventures that represent more than $1 billion in permanent project capital. The company has expanded its portfolio of solar projects in operation or under construction to more than 300 megawatts and expects to have more than 500 megawatts of solar and 100 megawatt-hours of battery-storage projects online by the end of 2023.
Summit Ridge will use Apollo’s investment to further expand its geographic footprint and scale up its platform.
“Summit Ridge is on a strong trajectory and we are excited to welcome Apollo as a new partner,” said Steve Raeder, CEO of Summit Ridge. “Apollo’s long track record of sustainable investing, coupled with its operational expertise and significant resources, are an excellent match for Summit Ridge’s fast-paced growth and l